瑞银此前指出，汽车经销商近期股价走高，相信是来自于反内卷政策，市场憧憬新车销售利润率改善； 一些经销商结业的新闻令市场揣测行业未来迎来整合；以及投资者趁低吸纳较低估值股份。憧憬若政策 有效遏制行业价格战，瑞银相信经销商盈利能力或显著改善。 中升控股(00881)涨超3%，截至发稿，涨3.22%，报13.49港元，成交额4295.5万港元。 小摩发布研报称，中国政府近期针对新能源汽车等面临产能过剩与价格竞争恶化的产业，推出一系 列"反内卷"政策以遏制非理性竞争。该行认为，政府反内卷举措与企业层面的结构性改革将推动产业于 2026年迎来转机。由于受惠于经销网络优化，该行上调公司目标价至20港元。 ...

Group 1 - Zhongsheng Holdings (00881) saw a stock price increase of over 3%, currently trading at 13.49 HKD with a transaction volume of 42.95 million HKD [1] - Morgan Stanley released a report indicating that the Chinese government has introduced a series of "anti-involution" policies to curb irrational competition in industries facing overcapacity and price competition, particularly in the new energy vehicle sector [1] - The report suggests that these government measures, along with structural reforms at the corporate level, will lead to a turning point for the industry by 2026, prompting an increase in the target price for Zhongsheng Holdings to 20 HKD due to benefits from optimized dealership networks [1] Group 2 - UBS noted that the recent rise in automotive dealership stock prices is attributed to the "anti-involution" policies, which have led to market expectations of improved profit margins on new car sales [1] - The news of some dealerships closing has fueled speculation about future industry consolidation, and investors are taking the opportunity to buy undervalued stocks [1] - UBS believes that if the policies effectively curb price wars in the industry, the profitability of dealerships could significantly improve [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中升集團控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00881 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,00 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約。債券並無且 不會根據一九三三年美國證券法（經修訂）（「證券法」）或美國任何州份或其他司法權 區的證券法登記，且債券不得在美國境內或向美國人士提呈要約或出售。 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 於二零二六年到期之450百萬美元年利率3.00%之債券（「債券」） （股份代號：40529） 提早贖回債券 茲提述本公司日期為二零二一年一月十三日及二零二一年一月十四日的公告，內容 有關本公司發行債券。除另有界定者外，本公告所用詞彙與債券條款及條件所界定 者具有相同涵義。 根據債券的條款及條件、本公司與美國紐約梅隆銀行有限公司（倫敦）（「受託人」）日 期為二零二一年一月十三日的信託契約以及本公司、受託人、美國紐約梅隆銀行有 限公司（倫敦）與紐約 ...

Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 二零二五年六月二十日舉行之股東周年大會表決結果、 派發末期股息日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 – 2 – 由於超過50%票數贊成第一項至第十二項普通決議案，第一項至第十二項決議案作 為本公司普通決議案獲正式通過。 本公司於股東周年大會當日已發行股份為2,385,668,363股（包括持有或存放於中央 結算系統之18,674,500股庫存股份）。為免生疑問，庫存股份持有人應於股東周年大 會上放棄投票，因此並無於股東周年大會上行使任何庫存股份投票權。使本公司股 東（「股東」）有權出席股東周年大會並於會上投票贊成或反對所有決議案的股份總數 為2,366,993,863股。 除上文所披露者外，本公司並無(i)任何股份使股東有權出席股東周年大會但須根據 《香港聯合交易所有限公司證券上市規則》（「 ...

Group 1 - The Hang Seng Index closed up by 0.13%, while the Tech Index fell by 0.75% [1] - Zhongsheng Holdings (00881.HK) rose nearly 5%, and AIA Group (01299.HK) increased by almost 3% [1] - WuXi Biologics (02269.HK) dropped nearly 6.7%, while Mengniu Dairy (02319.HK) and China National Pharmaceutical Group (01177.HK) both fell over 3% [1]

Group 1 - The Hong Kong automotive dealership stocks are experiencing a strong upward trend, with Zhongsheng Holdings (00881.HK) rising nearly 7.5% [1] - Yongda Automobile (03669.HK) has seen an increase of nearly 2.5% [1] - Other companies such as Harmony Auto (03836.HK) and Tuhu (09690.HK) are also following the upward trend [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部 分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 「有關期間」指由本決議案通過之時起至下列任何一項（取最早者）的期間： Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 股東周年大會通告 茲通告中升集團控股有限公司（「本公司」）謹定於二零二五年六月二十日（星期五）上 午十一時正假座香港灣仔港灣道30號新鴻基中心18樓1803–09室舉行股東周年大 會，藉以處理下列事項： – 1 – 1. 省覽及通過本公司及其附屬公司截至二零二四年十二月三十一日止年度的經審 核綜合財務報表、董事會報告及核數師報告； 2. 宣派截至二零二四年十二月三十一日止年度的末期股息每股0.678港元； 3. 重選李國強先生為本公司執行董事； 4. 重選唐憲峰先生為本公司執行董事； 5. 重選應偉先生為本公司獨立非執行董事； 6. 重選李顏偉先生為本公司獨立非執行董事； 7. 重選鄭寶川女士 ...

此 乃 要 件 請 即 處 理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢股票經紀或其他持牌證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有中升集團控股有限公司的股份，應立即將本通函連同隨附的代表委任 表格交予買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓 人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 建議授出回購股份及 發行股份的一般授權 及 建議重選退任董事 及 股東周年大會通告 本通函內所有日期及時間均指香港日期及時間。 二零二五年四月三十日 中升集團控股有限公司謹訂於二零二五年六月二十日（星期五）上午十一時正假座香港灣仔港灣道30 號新鴻基中心18樓1803–09室舉行股東周年大會，大會通告載於本通函第20至24 ...

Customer Growth and Market Position - The active customer base increased by 10.7% to 4.19 million in 2024, with a three-year compound annual growth rate (CAGR) of 9.2% from 2022 to 2024[11]. - The number of service visits reached 8.05 million in 2024, achieving a three-year CAGR of 7.5%, highlighting robust growth in after-sales services despite flat new car sales[11]. - In key cities like Chengdu, Dalian, Nanjing, and Shenzhen, the active customer count grew by 10.2% to 950,000, translating into significant operational growth[11]. - The company holds a leading position with approximately 14.1% of luxury car brand users in these 32 cities, which account for 62.7% of the national luxury car user base[10]. - The company aims to enhance its brand positioning by deepening its market presence in the 32 strategic cities, which are crucial for high-end market integration[10]. After-Sales and Service Revenue - The after-sales service revenue reached RMB 22 billion in 2024, marking a year-on-year growth of 9.6% and a three-year compound growth rate of 10.8%[16]. - The average number of service visits for core after-sales services increased to 8.05 million, reflecting a 7.8% year-on-year growth[17]. - The daily maintenance service visits in these four cities increased by 6.7%, warranty service visits grew by 16.1%, and accident repair visits rose by 18.1%[11]. - The renewal policy and used car retail volumes in these cities also saw year-on-year increases of 21.1% and 17.6%, respectively[11]. Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 168,124.2 million, a decrease of RMB 11,165.9 million or 6.2% compared to the previous year[43]. - New car sales revenue was RMB 125,325.6 million, down RMB 14,889.3 million or 10.6% year-on-year, primarily due to a decline in new car sales volume and average selling prices[46]. - The gross profit for the year was RMB 10,671.9 million, a decrease of RMB 3,092.4 million or 22.5% compared to the previous year[46]. - The company reported a net profit of RMB 3,070.9 million for the year, down from RMB 4,990.9 million in the previous year[41]. - The proportion of revenue from new car sales decreased to 74.5% in 2024 from 78.2% in 2023, while used car sales increased to 9.2% from 7.8%[44]. Inventory and Capital Management - Inventory increased from RMB 16,366.1 million as of December 31, 2023, to RMB 18,476.9 million as of December 31, 2024, primarily due to a slight increase in new car turnover days[64]. - Average inventory turnover days increased from 31.2 days in 2023 to 35.1 days in 2024, indicating adjustments to inventory levels based on market changes[65]. - Total capital expenditure for the year was RMB 1,356.7 million, slightly down from RMB 1,426.5 million in the previous year[63]. Employee and Workforce Management - The total number of employees decreased from 31,180 as of December 31, 2023, to 26,357 as of December 31, 2024[68]. - The employee turnover rate for the year was 27.63%, with a total of 10,065 employees leaving, an increase of 118 from the previous year[108]. - Female employees account for 35.70% of the total workforce, with 17.28% in management roles and 31.25% in senior management positions as of December 31, 2024[105]. - The company provided training to 94.66% of male employees and 97.24% of female employees, with an average training duration of 27 hours for males and 29 hours for females[114]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to enhancing ESG governance and has established an ESG committee to oversee its development strategies and activities[78]. - The company aims to improve employee working conditions and conduct regular satisfaction surveys[87]. - The group emphasizes employee health and safety, adhering to relevant laws and regulations, with zero work-related fatalities and zero days lost due to work injuries in 2024[117]. - The group has established a standardized waste management system, focusing on recycling and proper disposal of hazardous waste[128]. - The group has developed a "climate change policy" to mitigate operational impacts and integrate climate change into its risk management system[132]. Corporate Governance - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence for effective decision-making[161]. - The company has established an independent board evaluation mechanism to enhance efficiency and identify areas for improvement[165]. - The board has set a measurable target to appoint at least one female director by December 31, 2024, and has already appointed two female directors as of March 27, 2024[177]. - The company has adopted a disclosure policy for inside information and established a shareholder communication policy to fulfill corporate governance responsibilities[190]. - The audit committee held a total of 2 meetings during the year ended December 31, 2024, to review interim and annual financial performance and reports[172].